Workspace Group makes double London sale – Workspace Group has sold two London offices for a combined total of £34.75m.
It has exchanged contracts to sell Vestry Street Studios, in Shoreditch, and Alexandra House, in Wood Green, at a 20% premium to the 31 March 2019 valuations.
Vestry Street Studios, near Old Street, is a small office building in a converted Victorian warehouse comprising 23,000 sq ft of net lettable space, which has been sold for £19.25m, at a net initial yield of 4.3%.
Alexandra House, a 55,000 sq ft office building in Wood Green, is let entirely to the London Borough of Haringey until February 2021 and has been sold for £15.5m. This represents a net initial yield of 4.1%. Workspace said the 38% premium it achieved on the building was well ahead of the returns it expected to achieve from the planned repositioning of the building in 2021.
WKP : Workspace Group makes double London sale
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